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by Stockwatch Business Reporter
The TSX Venture Exchange fell 7.29 points to 587.40 Tuesday. David Patterson and Colin Watt's sixth capital pool shell, Von Capital Corp. (VON: halted), plans to acquire a mining junior called Xplore Resources Corp. for the shell's qualifying transaction. The shell, which has five million shares issued, will issue 11 million shares to its target's shareholders.
Xplore Resources has a copper-gold project, called Valk, near the northern tip of Vancouver Island. The property covers 1,614 hectares. Xplore last month completed a sampling program at Valk, and now it is working on a technical report. In connection with its going public, Xplore is selling $1-million worth of shares at 20 cents.
On closing of this straightforward mining deal, the board of the resulting issuer will comprise the five principal shareholders of Xplore: Wesley Hanson, Charles Edgeworth, Robert Brain, Tim McGuire and Jamie Hyland. Mr. Hanson, a geologist, will be the chief executive officer. He has worked with at least eight public mining companies including Kinross Gold Corp. (K: $6.44), of which he was a vice-president of technical services from 2002 to 2006. Mr. Hanson also worked as a project geologist with SNC-Lavalin Group Inc. (SNC: $17.80) from 2002 to 2004. More recently, from 2009 to 2013, he was the president and CEO of Noront Resources Ltd. (NOT: $0.21), an Ontario mining junior. Under his watch, the stock declined to 30 cents from $2.70. These days, Mr. Hanson is a director of Bluebird Battery Metals Inc. (BATT: $0.18) and Universal Copper Ltd. (UNV: $0.06). He is also the chief operating officer of Unigold Inc. (UGD: $0.155).
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